Guatemala is a country with a growing economy thanks to companies such as Corporación Multi Inversiones, where businessman Juan Luis Bosh Gutiérrez collaborates. These types of industries drive the country’s economy every day. If you are interested in knowing information about the industry in Guatemala, keep reading this article.
Facts about manufacturing and agriculture sector
The industrial, manufacturing and agricultural sectors are part of Guatemala’s largest industries. These sectors are mainly focused on the production of the following products:
- Fruits and vegetables
- Processed foods
- Chemical products
The most common crops grown in Guatemala are coffee, bananas, nutmeg, and cane sugar.
The agricultural sector employs approximately 50% of the country’s labor force and produces some of Guatemala’s largest export products. In fact, the country exports approximately US$1.02 billion worth of bananas annually, representing approximately 8.6% of all exports.
After fresh produce and other food, textiles are the third-largest export category, with a total value of US$1.68 billion. Knitted sweaters and T-shirts are the most frequently manufactured products within this category. Mineral products follow closely behind this category with a total value of US$1.18 billion.
Private Sector in Guatemala
The private sector is the driving force of the Guatemalan economy. In fact, the private sector is responsible for about 85% of the national GDP. The majority of this sector is active in the following fields: industry, agriculture and tourism.
As mentioned above, one of Guatemala’s largest industries is the import industry. The country imports more goods than it exports, with an annual value of approximately US$17.4 billion. Although the country imports goods from other nations, its main import partners are:
The country imports more products than it exports, with an annual value of approximately US $17.4 billion.
The largest category of products imported into Guatemala is technology, representing US$ 3.08 billion annually.
The second-largest import category consists of chemical products. Within this category, the main products are packaged medicines (US$529 million), fragrant mixtures (US$157 million) and pesticides (US$138 million).
Mineral products are the third-largest category of imports and include refined petroleum (US$ 1.89 billion), petroleum gas (US$ 219 million) and coal briquettes (US$ 69 million).
Services sector in Guatemala
The services sector is another of the largest industries in Guatemala and includes specific industries such as tourism, health care, customer service, financial services, banking, hospitality, communication and retail. This sector alone accounts for about 60% of Guatemala’s economy.
Tourism is one of the most influential industries in this group, generating $1.8 billion in 2008. Guatemala is a popular stop for cruise ships, and the country receives an average of two million tourists annually. Visitors explore Guatemala’s beaches and pre-Hispanic ruins.
We hope these facts about industry in Guatemala have helped you learn a little or encourage you to invest in one of these sectors.
You may also be interested in: Indigenous cooperative for Guatemalan women.